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BP drops effort to retrieve Gulf oil spill business payouts

BP has decided to end its effort to recoup money it paid in economic damage claims to businesses and individuals under a settlement arising from the 2010 Gulf of Mexico oil spill.

On Friday, the company filed a motion to withdraw an appeal over what it said were overpayments worth hundreds of millions of dollars and involving more than 790 businesses.

After a 2012 settlement with businesses and individuals was approved, BP argued that the claims administrator had not been correctly matching business’ revenues and expenses, resulting in overpayments.

A court eventually ordered a new calculation method but refused to order restitution of payments already made.

Geoff Morrell, a BP spokesman, said the company decided to withdraw its appeal to help “wind down” the claims program.